Business Intelligence vs Business Analytics: Understanding the Past, Present, and Future

Analyzing your data with business intelligence is the 17th reason to go beyond TEM and manage the enterprise digital footprint.

With every business, comes a need for a comprehensive, detailed data strategy. In order for enterprises to keep up with competitive markets, and remain ahead of the game in their IT and business strategy, you’ll need to conduct some sort of analysis. The goal of business intelligence as well as business analytics boils down to a need for organizations to make well-informed business decisions. Without all of the right information properly displayed in front of decision-makers, moving forward with the best possible strategies and tactics in place will be nearly impossible.

The first step to proper data visualization involves understanding the difference between business intelligence and business analytics. Each of these tactics involving exploring, organizing, and analyzing a variety of data. They’ll both provide you with the data necessary for effective strategizing and decision making, only in different ways. Often thought of as having the same meaning, BI and BA are in fact two entirely separate kinds of data analysis.

When it comes to business analytics, we shift our perspective in a different direction. Rather than focusing on the past and present situation, business analytics, also known as “predictive analytics,” looks towards the future and helps to make effective and future-focused business decisions. The predictive modeling provided by BA allows businesses to make data-driven decisions by forecasting future results. Setting up an efficient IT strategy is made a lot easier when predictive analytics are involved. Unlike BI, business analytics involve a much more in-depth look at not only the data in front of you, but what exactly should be done with that data to improve processes and eventually bring you return. In the long run, BA can bring organizations significant return through establishing direction and helping weed out uncertainties and misinformation. The most efficient processes as well as the least efficient will be clearly defined for you, with the goal of taking steps towards a better future.

The Past, Present, and Future All Play a Role

In the end, each of these forms of analysis have the same common goal of improving overall efficiency, from saving you money to saving you time. Both involve an in-depth analysis of the seemingly endless wave of information and data that businesses are often forced to sift through when it comes to decision-making. In order to avoid becoming overwhelmed by your data, a key step will be to look towards business intelligence and data analytics tools which can offer a way of visualizing your data in a clear and concise way. By gaining a solid grasp on your data, you’ll be able to discover trends and patterns from your past and present, helping you look forward into the future with well-informed decisions. Depending on how you plan to strategize, business intelligence, business analytics, or a combination of both might work best for you.

Having worked in marketing for 16 years, Caroline has significantly improved Cimpl’s online presence and industry recognition as Marketing Director. Working closely with analysts and highly focused on keeping up with IT industry trends, she is most knowledgeable in the realm of technology and IT expense management best practices. As a passionate, driven marketer, she works side by side with her marketing team to bring Cimpl beyond its greatest achievements.

About Us

Cimpl is leading the revolution in telecom, IT and cloud expense management. Its software-as-a-service platform brings together actionable data analytics and automates business processes to ensure optimal ROI on technology assets.